Freeport-McMoRan to sell some oil and gas assets for up to $742 mln

Oct 14 Freeport-McMoRan Inc, the world's
biggest publicly listed copper miner, said it would sell its
onshore California oil and gas assets to Sentinel Peak Resources
California LLC for up to $742 million, as part of its strategy
to cut debt.

The company said it would receive $592 million in cash at
closing and $50 million every year from 2018 to 2020, if the
price of Brent crude oil averages $70 or above per
barrel.

Freeport is looking to reduce its net debt of $18.8 billion
to $10.5 billion-$13.2 billion by the end of 2017 on the back of
already executed asset sales and excess cash it expects to earn
from higher mined volumes and metals prices, Chief Executive
Richard Adkerson said in July.
(Reporting by Anet Josline Pinto in Bengaluru; Editing by
Sriraj Kalluvila)

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